Glaston Corporation Exit on the stock market 30.11.2021 at 9:30 am

Since the end of 2015, Glaston has been a small shareholder and development partner in a California start-up project with the aim of developing nanotechnology-based smart glass technology for the market. Glaston’s role in the project was to develop a production line to produce smart glass developed by Heliotrope Technologies on an industrial scale. The development of the production line has already been completed in 2018. Product development of current smart glass technology, on the other hand, has been delayed and Heliotrope Technologies has not been able to raise the necessary funds in recent years. financing negotiations to finalize product development. and the activities of the company must cease.

As a result, Glaston has decided to write off all items in the balance sheet related to Heliotrope, for a total of approximately 5.2 million euros, of which 0.8 million euros is a cost element impacting operating profit and recorded as an element affecting comparability. The impairment of receivables on loans recognized in financial items is 1.6 million euros and the depreciation of securities affecting shareholders’ equity without impact on the income statement is 2.8 million euros.

The write-off has no effect on cash flow or impact on Glaston’s outlook for 2021. In addition, the growth objectives and strategic plans of Glaston’s updated strategy announced in August of this year. years are not based on the Heliotrope project or any other project related to completely new technologies. .

However, there is a growing need for dynamic glass technologies and, in the long term, this market will offer growth opportunities.

New customer contacts

Through the Heliotrope partnership, Glaston has established contacts with parties developing new glass technologies, which has brought the company interesting new openings and customer projects for consulting services.

“Thanks to the Heliotrope project and the other contacts it has made, we have learned a lot about new glass technologies and industry development trends, which has been invaluable for our own development work. We are now using this new expertise for the benefit of our customers. As a pioneer in our sector, we do not rule out new models of cooperation with start-ups in the glass industry either. If successful, they can open up new opportunities commercial ”, says Glaston President & CEO Anders Dahlblom.

For more information, please contact:

Päivi Lindqvist, CFO, +358 40 708 5351

Glaston in brief

Glaston is the innovative technology leader in the glass processing industry providing equipment, services and solutions to the architectural, automotive, solar and home appliance industries. The company also supports the development of new technologies integrating intelligence into glass.

Glaston is committed to providing our customers with both the best know-how and the latest technology in glass processing, with the goal of building a better future through safer, smarter and more economical glass solutions. in energy. Glaston operates worldwide with manufacturing, service and sales offices in 10 countries and its shares (GLA1V) are listed on NASDAQ Helsinki Ltd.

Distribution: NASDAQ Helsinki Ltd, key media, www.glaston.net

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